SIP Flows in March 2026 create a new record of ₹32,087 Crore
SIP Flows in March 2026 create a new record of ₹32,087 Crore MONTHLY SIP FLOW RATIO SURGES IN MAR-26 After falling from above ₹31,000 crore to below ₹30,000 crore in February, the gross SIP flows created another record in March. Of…
SIP Flows in March 2026 create a new record of ₹32,087 Crore
MONTHLY SIP FLOW RATIO SURGES IN MAR-26
After falling from above ₹31,000 crore to below ₹30,000 crore in February, the gross SIP flows created another record in March. Of course, February was a curtailed month and some of the flows got transmitted to March. However, at ₹32,087 crore, it is a new record. More importantly, the SIP Flow / SIP AUM ratio went above 2% for the first time in FY26. However, that was less due to higher inflows, and more due to a sharp fall in SIP AUM due to the market crash in the month of March 2026. Here is a quick 13-month view.
| MonthlyMF Data | Monthly SIP Inflows(₹ Crore) | SIP AUM(₹ Crore) | SIP Flow / SIP AUM(% Ratio) |
|---|---|---|---|
| Mar-26 | 32,087 | 15,10,943 | 2.12% |
| Feb-26 | 29,845 | 16,64,085 | 1.79% |
| Jan-26 | 31,002 | 16,36,082 | 1.89% |
| Dec-25 | 31,002 | 16,63,369 | 1.86% |
| Nov-25 | 29,445 | 16,52,665 | 1.78% |
| Oct-25 | 29,529 | 16,25,305 | 1.82% |
| Sep-25 | 29,361 | 15,52,303 | 1.89% |
| Aug-25 | 28,265 | 15,18,368 | 1.86% |
| Jul-25 | 28,464 | 15,19,456 | 1.87% |
| Jun-25 | 27,269 | 15,30,574 | 1.78% |
| May-25 | 26,688 | 14,61,360 | 1.83% |
| Apr-25 | 26,632 | 13,89,655 | 1.92% |
| Mar-25 | 25,926 | 13,35,188 | 1.94% |
Data Source: AMFI
The SIP AUM at ₹15.10 Trillion fell by -9.2% over February due to the correction in the markets. A similar trend was also visible in the overall AUM of Indian mutual funds, which fell from ₹82.02 Trillion to ₹73.73 trillion as of the close of March 2026.
FOLIO ACCRETION STORY OF MARCH 2026
SIP data over two months can be seen either in terms of change in the SIP folios or in terms of SIP AUM. Let us look at both perspectives. Total SIP folios contracted from 1,045.40 Lakh folios in February 2026 to 1,044.84 Lakh folios in March 2026. That is MOM folio contraction of -0.01%. Let us also talk about how SIP AUM moved. Between February 2026 and March 2026, SIP AUM fell from ₹16,64,085 Crore to ₹15,10,943 Crore. The sharply lower SIP AUM can be attributed to the near 10% correction in the broad-based market indices. The sharp correction in the markets was triggered by the US-Iran war and the supply chain risks.
SIP STOPPAGE – ABOVE 100% FOR FIRST TIME AFTER CLEAN-UP
One of the critical ratios in understanding stickiness of SIP clients is the SIP Stoppage Ratio (Ratio of Discontinued SIPs to New SIPs). Here is a quick snapshot.
| Oct-24 | Nov-24 | Dec-24 | Jan-25 | Feb-25 | Mar-25 | FY25 | Apr-25 | May-25 | Jun-25 |
|---|---|---|---|---|---|---|---|---|---|
| 60.91% | 79.12% | 82.75% | 109.15% | 122.76% | 128.27% | 75.63% | 352.79% | 72.12% | 77.77% |
| Jul-25 | Aug-25 | Sep-25 | Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | FY26 |
| 62.66% | 74.51% | 76.27% | 74.85% | 75.57% | 85.30% | 74.83% | 75.62% | 101.06% | 94.51% |
Data Source: AMFI
We have the final SIP stoppage ratio for FY26 at a record high of 94.51%. This may have been partially skewed due to the surge in SIP stoppage ratio in April due to the SIP clean-up taken up by SEBI. However, even otherwise, the SIP Stoppage ratio has averaged 77.38% for the remaining 11 months. That is well above the exceptional surge we had seen in the SIP stoppage ratio during the pandemic period.
What is disappointing is that the SIP stoppage ratio for March 2026 has crossed 100%. That means; more SIPs were stopped than started during the month; which explains the fall in the SIP folios for March 2026. That does drain away a lot of effort. In the past, the average SIP stoppage ratio used to be around 40% to 42% in normal times. That is the average that the SIP Stoppage Ratio needs to eventually revert to.
PRODUCTIVE SIP RATIO BOUNCES BACK IN MARCH 2026
The Contributing SIP ratio is the ratio of SIP folios that contribute flows to the overall SIP folios. That ratio touched its lowest level in the last one year in the month of February 2026. That can again be attributed to the small-month effect, but we must see March data.
| TransactionMonth | OutstandingSIP Folios | ContributingSIP Folios | Contributing SIPFolio Ratio |
|---|---|---|---|
| Mar-26 | 1,044.84 | 971.86 | 93.02% |
| Feb-26 | 1,045.40 | 944.48 | 90.35% |
| Jan-26 | 1,029.38 | 992.19 | 96.39% |
| Dec-25 | 1,010.73 | 979.00 | 96.86% |
| Nov-25 | 1,001.84 | 942.52 | 94.08% |
| Oct-25 | 987.88 | 945.20 | 95.68% |
| Sep-25 | 972.74 | 925.21 | 95.11% |
| Aug-25 | 959.04 | 898.70 | 93.71% |
| Jul-25 | 944.97 | 911.18 | 96.42% |
| Jun-25 | 919.32 | 864.70 | 94.06% |
| May-25 | 905.57 | 856.00 | 94.53% |
| Apr-25 | 889.08 | 838.25 | 94.28% |
| Mar-25 | 1,005.39 | 811.16 | 80.68% |
Data Source: AMFI
The Productive SIP ratio is interesting; in that it shows the ratio of SIP folios that are actually giving business on a consistent basis out of the total outstanding SIP folios. This ratio had fallen from over 95% to just over 90% in February. However, in March 2026, the Productive SIP ratio is again above 93%. It is largely on account of the SIP clean-up exercise last year that the Productive SIP ratio has stabilized above the 90% mark. There are more working folios.
The moral of the story from the SIP data for March 2026 is that the SIP flows continue to be robust at a gross level. However, there is a worrying trend of SIP folios being closed at a very rapid rate. It either means that the SIP demand has saturated, or that SIP needs a brand-new narrative. Either way, it is a wake-up call for the distributors.
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